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UEX, a Singapore-based insurance technology (insurtech) start-up, has received a SG$1.3 million (US$1 million) strategic investment from seed investor and French insurance broker Verspieren.
According to the start-up, it will use the investment to expand its footprint in the Singaporean market through further development of its technology platform and by adding more health insurance products targeted at small and medium enterprises (SMEs).
“This funding enables Verspieren to access the Asian market through UEX,” UEX Founder and CEO Grégoire Rastoul told e27. “We sought investment from this French broker at this stage because we have an excellent relationship and perfect alignment on this year’s goals.
“We plan to expand in the region and greater Asia towards the end of this year and the beginning of next year. We are adding new features to bridge the gap between individual and corporate plans.”
Rastoul added that despite the Singapore insurance market being quite aggressive, there is still space for many more players.
“Opportunities in the city-state reside in being able to secure the right partnerships to expand. It is also a perfect lab to test ideas before tapping the big surrounding markets,” he said.
UEX, established in 2016, created a mobile app that allows customers to obtain a personalised insurance policy in a few clicks, available for both individual and SME customers. It currently works exclusively with AXA in Singapore, and has partnered with two other insurers outside Singapore.
